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Consumers handle risk by:
- Seeking information e.g. word of mouth or advertisements
- Brand loyalty e.g. stay loyal to a chosen brand
- Brand image e.g. evaluate brand based on its image (reputation)
- Store image e.g. evaluate the layout and look of the store
- Most expensive e.g. purchase most expensive product as price is assumed to be an indicator of product quality
- Seek assurance e.g. promise or guarantee that the product is of a sufficient standard
---By Rakib
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What is exact definition of consumer awareness?
consumer awareness is the knowlege that a consumer should have about his/her legal rights and duties.It is must for a consumer to follow these rights.It is implemented fr the protection of the consumer,so that the consumer is not exploited by the seller of the products.
What is an example of consumer equilibrium?
consumer protection
How does the U.S. Office of Consumer Affairs protect consumer interests?
The U.S. Office of Consumer Affairs, created in 1971, investigates and resolves consumer complaints, conducts consumer surveys, and disseminates product information to the public.
What are features of consumer durable services?
what are the consumer durables
What agency handles monetary policy?
The Federal Reserve
Why is it important that the handles of the defibrillators are not made of metal?
Metal handles can conduct electricity, which poses a risk of electrical shock to the person using the defibrillator. To prevent this risk, defibrillator handles are typically made of non-conductive materials like plastic or rubber to ensure the safety of both the operator and the patient during use.
How customer handle risk?
There are six common risk reduction strategies which are customer view points-Ø1.Consumer Seek InformationØ2.Consumer Are Brand LoyalØ3.Consumer Select by Brand ImageØ4.Customer Rely on Store ImageØ Consumer Buy the 5.Most Expensive ModelØ6.Consumer Seek Reassurance
What is consumer risk and what is producer risk?
Consumer risk is the probability that a product will be manufactured that is defective and shipped to the customer. A person with a customer-only focus will typically want to have a very small consumer risk. A person with a producer-only focus typically is not very concerned with consumer risk. Low consumer risk can sometimes be accomplished by rigorous testing and quality control, which, when carried to an extreme in order to reach zero consumer risk, can lead to very expensive products.Producer risk is the probability that a product will be manufactured that is good, but is rejected by the manufacturer's internal quality control processes before it is shipped to the customer. A person with a producer-only focus will typically want to have a very small producer risk. A person with a consumer-only focus typically is not very concerned with producer risk. Low producer risk can be accomplished by lax testing and quality control, which, when carried to an extreme in order to reach zero producer risk, can lead to very poorly-performing or non-yielding products.The key to high yielding and reliable products is in achieving a balance between these two sometimes-competing goals.
What assumption does consumer protection make about consumers?
Consumer protection assumes that consumers don't have full information from manufacturers and service providers about the products they are using and purchasing. Consumer protection handles the lack of transparency between producers and consumers.
What is perceived risk in consumer behavior?
There are five type of perceived risk monetary physical social functional
Which US agency handles consumer complaints?
Several federal agencies handle consumer complaints relative to their particular area of authority. You would have to be more specific about WHAT type of complaint about WHAT product or service.
A consumer who is a reluctant to take chances has a high level of what?
Risk aversion
Why do you date code high risk food?
Consumer safety and litigation reduction.
Which investment type typically carries the least risk?
Real Estate for Consumer Purchases All around, Money Markets are Lowest Risk
Why are handles of testers made of Non metals?
Handles of testers are made of non-metals, typically plastics, to minimize the risk of electric shock when using the tester on live electrical circuits. Non-metal materials are insulators, preventing the flow of electricity and providing safety to the user. Additionally, non-metal handles are more lightweight and easy to grip compared to metal handles.
What does the Consumer Product Safety Commission do to help the public?
The duty of the Consumer Product Safety Commission (CPSC) is to help the public reduce risk of injuries and deaths from consumer products. They issue mandatory standards for certain products.
What are the consumer reviews for a used Toyota MR2?
"Some of the consumer reviews for those who bought a used Toyota MR2 are that it is a fun car to drive, it is very sporty and still handles well. Some found this car to be a little out of place if driven in the snow."
